All Forum Posts by: Richard Xyminies

Investment Info:

Condo buy & hold investment in Morehead City.

Purchase price: $65,900
Cash invested: $16,000

I bought this deal and spent about $5500 and thought I had made a huge mistake but it brought the value I was not expecting to receive.

How did you find this deal and how did you negotiate it?

On the MLS

How did you finance this deal?

Conventional Bank

How did you add value to the deal?

Did a bunch of cosmetic work that added a ton of value.

What was the outcome?

A greater return.

Lessons learned? Challenges?

I thought I was spending too much money doing cosmetics but it was worth every dime I spent.

Investment Info:

Condo buy & hold investment.

Purchase price: $84,000
Cash invested: $8,400

Bought lived in for 1 and 1/2 yrs rent.

What made you interested in investing in this type of deal?

I wanted to do buy and hold but I did not have enough funds to get started and I knew this property would work great for a rental.

How did you find this deal and how did you negotiate it?

On the MLS. There was no negotiation done. I was completely new to buying Real Estate and my realtor was also a new so the deal did not go well.

How did you finance this deal?

Bank financing.

Lessons learned? Challenges?

Do not buy a deal without negotiating a deal that is at or above market value.

@Padric Lynch Well done Padric. Great deal. Well detailed and informative. Thank you for sharing your story being inspiration to others including myself. You have motivated me to get out of my comfort zone and take steps towards my goal. By the way working on my 3rd deal now hoping it will be a success. Thanks again,

Thank you @John Mocker quite informative. I appreciate all this information. I will be reviewing the by laws during this week. The last time I went through it I didn't understand a lot of what was stated but I'll do another review and carefully go through it.

@Ray Johnson Thank you man that price doesn't seem to bad. It's my first rental purchase so I'm kind iffy about all my decisions.

@Jaquetta Turner I think what @Storm S. said is what I'm looking for.

@Storm S. Thank you.

@Ray Johnson Thank you. Are rental insurance usually expensive?

@Bud Gaffney I agree thank you. Just trying not to pay too much for insurance because it will definitely eat up my cashflow.

@Roger StPierre I'll take a look and see what's the price and see if it's worth it.